Piper Sandler Reaffirms “Neutral” Rating for CCC Intelligent Solutions (NYSE:CCCS)

CCC Intelligent Solutions (NYSE:CCCS)‘s stock had its “neutral” rating reissued by research analysts at Piper Sandler in a research note issued on Wednesday,Benzinga reports. They presently have a $11.00 target price on the stock, down from their prior target price of $13.00. Piper Sandler’s price target points to a potential upside of 5.47% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Barclays lowered their target price on shares of CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 29th. Barrington Research reaffirmed an “outperform” rating and issued a $14.00 price target on shares of CCC Intelligent Solutions in a report on Monday. JPMorgan Chase & Co. cut shares of CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $14.00 to $11.00 in a report on Wednesday. Finally, Morgan Stanley raised shares of CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $14.00 to $15.00 in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $13.38.

CCC Intelligent Solutions Trading Up 1.2 %

Shares of CCCS stock opened at $10.43 on Wednesday. The company’s fifty day simple moving average is $11.17 and its two-hundred day simple moving average is $11.22. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.19 and a quick ratio of 3.19. CCC Intelligent Solutions has a 1 year low of $9.79 and a 1 year high of $12.88. The stock has a market capitalization of $6.84 billion, a price-to-earnings ratio of 521.76 and a beta of 0.71.

CCC Intelligent Solutions announced that its Board of Directors has authorized a stock buyback plan on Friday, December 20th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to reacquire up to 4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other CCC Intelligent Solutions news, Director Crescenzo Neil E. De acquired 100,000 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was purchased at an average price of $12.16 per share, with a total value of $1,216,000.00. Following the transaction, the director now directly owns 100,000 shares in the company, valued at approximately $1,216,000. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 6.67% of the stock is currently owned by corporate insiders.

Institutional Trading of CCC Intelligent Solutions

Several hedge funds have recently bought and sold shares of CCCS. Norris Perne & French LLP MI raised its position in shares of CCC Intelligent Solutions by 10.3% during the 3rd quarter. Norris Perne & French LLP MI now owns 341,367 shares of the company’s stock valued at $3,772,000 after buying an additional 31,950 shares in the last quarter. Stephens Inc. AR boosted its stake in CCC Intelligent Solutions by 47.1% in the third quarter. Stephens Inc. AR now owns 25,296 shares of the company’s stock valued at $280,000 after acquiring an additional 8,103 shares in the last quarter. New York State Common Retirement Fund raised its holdings in shares of CCC Intelligent Solutions by 1.6% in the third quarter. New York State Common Retirement Fund now owns 2,371,135 shares of the company’s stock worth $26,201,000 after buying an additional 36,867 shares during the last quarter. Conestoga Capital Advisors LLC raised its holdings in shares of CCC Intelligent Solutions by 18.7% during the third quarter. Conestoga Capital Advisors LLC now owns 9,508,085 shares of the company’s stock worth $105,064,000 after purchasing an additional 1,498,200 shares during the last quarter. Finally, Chicago Partners Investment Group LLC raised its holdings in shares of CCC Intelligent Solutions by 15.5% during the third quarter. Chicago Partners Investment Group LLC now owns 14,596 shares of the company’s stock worth $162,000 after purchasing an additional 1,957 shares during the last quarter. Hedge funds and other institutional investors own 95.79% of the company’s stock.

About CCC Intelligent Solutions

CCC Intelligent Solutions Holdings Inc, operates as a software as a service company for the property and casualty insurance economy in the United States and China. The company's cloud-based software as a service platform connects trading partners, facilitates commerce, and supports mission-critical, artificial intelligence enabled digital workflow across the insurance economy, including insurers, repairers, automakers, parts suppliers, lenders and more.